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Thursday, March 22, 2018

Crypto News: Chart Shows Bitcoin Hitting $91,000 By March 2020

Chart Shows Bitcoin Hitting $91,000 By March 2020

Warren Buffett has concerns about Bitcoin and Allianz’s Head of Global Economics & Strategy thinks it could fall to $0. But Tom Lee, Fundstrat Global Advisors’ head of research, thinks it could rise to $91,000 by March 2020. Fundstrat and Lee have compiled an impressive database, statistics and graphs on Bitcoin that helps to visualize short-term and long-term trends. They include the cost of mining Bitcoins, hourly, daily and monthly trading trends and technical analysis.

Lee also introduced the Bitcoin Misery Index, or BMI, just over a week ago that is at the second lowest point of the past eight years. It is a contrarian indicator, meaning the lower it is, the more positive the outlook for Bitcoin to move up in price.

Lee and his team have produced a new graph that shows Bitcoin’s four declines of 70% or greater since 2010 . After the previous three drops it has experienced significant gains, probably eclipsing the returns of any other asset over the same time period.

Because the chart has a logarithmic scale, Bitcoin’s price movements don’t look as pronounced as they would be if charted on a linear basis (how most graphs are depicted).

Full story HERE

Source: Forbes

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